New
digital technologies are ensuring that companies extract more energy
more efficiently and with less impact on the environment. Augmented
reality (AR) allows users to view their environments inversely by
assimilating the digital content with the real world. Several players
operating in the energy & utilities industry identify that
strategic implementation of augmented reality not only enhances the
customer experience, but also streamlines business operations. The
impact of virtual and augmented reality on the energy industry is
high. The ability of augmented reality (AR) to enhance workers’
safety and protect equipment addresses the priority of safety
emphasized in the energy & utilities industry. AR facilitates
enhanced visualization of pipelines in concrete, underground assets
or any complex modules, which aids in escaping breaks while digging.
It also identifies dangerous leaks and reduces accidents. Thus,
employee safety is maintained along with reduction in errors and
total downtime. The use of digital technologies by organizations in
the energy & utilities sector is expected to reduce capital
expenditures by up to approximately 20%. AR devices complement the
reality, thereby permitting the wearer to circumnavigate, change, and
accomplish work-related procedures and duties without any obstacles.
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The energy & utilities
industry faces lack of skilled workers and aging workforce, which may
result in knowledge loss. AR aids field workers by connecting them
with remote experts that can provide real-time guidance. Thus,
increasing demand by enterprises to optimize businesses and enhance
workforce security is expected to contribute significantly to the
augmented reality in energy and utilities market during the forecast
period. Use of augmented reality in the energy sector considerably
improves work; simplifies knowledge transfer; and reduces costs. It
facilitates operational efficiencies. Various energy associations are
investing large amounts in understanding the application of AR in the
energy & utilities industry. For instance, The Electric Power
Research Institute (EPRI) has partnered with Duke Energy, installing
Atheer’s AR platform to demonstrate benefits of AR application in
terms of enhanced productivity and safety led by hands-free data
access. Expedited equipment maintenance offered by AR is also likely
to drive the augmented reality in energy and utilities market during
the forecast period.
However, lack of awareness
regarding the implementation of software and unavailability of
skilled individuals are expected to restrain the augmented reality in
energy and utilities market during the forecast period.
Implementation of AR in the energy & utilities industry can help
companies streamline their operations; raise the overall safety
level; and considerably reduce their operating expenses.
The global augmented reality in
energy and utilities market can be segmented based on component, and
region. Based on component, the augmented reality in energy and
utilities market can be divided into hardware and software. The
software segment can be sub-divided into cloud and on premise. In
terms of region, the global augmented reality in energy and utilities
market can be divided into North America, Europe, Asia Pacific,
Middle East & Africa, and South America. North America is
anticipated to dominate the global augmented reality in energy and
utilities market during the forecast period, as the region is
witnessing significant adoption of latest technologies.
Use of AR in the energy &
utilities industry is helping reduce maintenance downtime at energy
and utilities sites and reduces the costs of initiating and directing
specialized workforces to actual sites for the purpose of a mere
inspection. A large number of players are venturing into the
augmented reality in energy and utilities market. Key players
operating in the global
augmented reality in energy and utilities market
include Remote Technologies Inc., DAQRI, InnoCentive, Inc., and
Vuzix. Key players are adopting various growth strategies such as
mergers & acquisitions, partnerships, R&D, and product
innovations so as to remain competitive in the augmented reality in
energy and utilities market. For instance, in April 2018, Zpryme
announced a collaboration with Austin Energy to release virtual and
augmented reality applications (VR/AR apps), which are expected to
transform the method by which retailers inform customers about energy
in the next few years.
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